Doesn’t that suggest property value increases outpaced income growth since Prop 13? So that lends support to Prop 13 worsening inequality.
Prop 13 makes cities favoring commercial instead of residential buildings. The lack of supply greatly inflates house prices. Housing is the number 1 means for middle income people to accumulate wealth. After that is not accessible anymore the wealth inequality worsens.
California income tax is VERY progressive. The number of residents has doubled since the 1970’s, but the number of income tax payers is flat. 40% of the income tax is from the top 1%. Property tax is a more even way to collect taxes, since everyone has to live somewhere. They either own and pay directly, or it’s part of rent.
Also, since prop 13 passed how much land has been rezoned from residential to commercial? How much has been rezoned to residential? The zoning was set long before prop 13 passed.
Property tax is already a wealth tax. Property owners also pay capital gain tax and rental income tax. Why charge them a property tax?
Actually property tax is many times worse than wealth tax, probably 4-20 times worse. When a poor person buys a house with 5% down, government wants to tax him 1.25% every year. that’s 25% annual tax on his down payment.
Most stock investors don’t use margin so a stock tax would be mostly a tax on net asset value. Property tax is on an inflated value, poor people pay a tax on borrowed money.
leaders of open economies like the United States and the United Kingdom have – for ideological reasons – long been largely blind to how they can be disadvantaged by other nations’ technology-acquisition policies.
Obviously, USA has decided to change its ideology
Globalism in turn has been the single most important facilitator of technology transfer. The only thing to add is that, whereas Anglophones tend to think of technology transfer as a two-way street, other nations (Korea, China, Germany and Japan, for instance) are notably parsimonious in allowing their technologies to flow abroad.
Boy… German Americans estimated to be 14.4% in 2016. Btw, Trump is not a German American right?
I think his grandfather is. And an illegal immigrant or something like that to boot. (basically he was thrown out of his country)
here’s the relevant background:
Trump was born in Kallstadt in 1869. He emigrated to the US in 1885 at the age of 16 to make his fortune in the Gold Rush. He ran a catering operation and a brothel and made enough money that by the end of the century he was already sending money, actually literal chunks of gold, back to New York to be invested in real estate.
He returned to Kallstadt in 1901 to get into the chain migration business. He Elisabeth Christ, whom he married and then brought her back to the US. But Elisabeth couldn’t adjust to the US. So Trump decided to repatriate to Germany – actually the principality of Bavaria, then a semi-autonomous kingdom within the German Empire.
But there was a problem. Friedrich had evaded the draft. So Bavarian authorities blocked his attempt to resettle in his native country, ordering him to leave the country forever on pain of deportation.
This brings us back to the original question: what was the most consequential invention of the twentieth century?
The Pill changed everything. Society will never be the same since the introduction of birth control.